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Almitas Capital Portfolio holdings

AUM $443M
1-Year Est. Return 42.36%
This Fund
S&P 500
This Quarter Est. Return
+17.89%
1 Year Est. Return
+42.36%
3 Year Est. Return
+85.86%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$396M
AUM Growth
+$95M
Cap. Flow
+$46.8M
Cap. Flow %
11.8%
Top 10 Hldgs %
68.68%
Holding
101
New
20
Increased
31
Reduced
23
Closed
19

Top Buys

Rank Stock Value
1
FETH
Fidelity Ethereum Fund
FETH
+$14.3M
2
PHT
Pioneer High Income Fund
PHT
+$12.4M
3
MAV
Pioneer Municipal High Income Advantage Fund
MAV
+$7.69M
4
MHI
Pioneer Municipal High Income Fund
MHI
+$6.8M
5
MIO
Pioneer Municipal High Income Opportunities Fund
MIO
+$6.75M

Top Sells

Rank Stock Value
1
DMF
BNY Mellon Municipal Income
DMF
+$7.77M
2
STEW
SRH Total Return Fund
STEW
+$5.21M
3
FBTC icon
Fidelity Wise Origin Bitcoin Fund
FBTC
+$3.51M
4
NKTR icon
Nektar Therapeutics
NKTR
+$3.14M
5
BMEZ icon
BlackRock Health Sciences Trust II
BMEZ
+$3.05M

Sector Composition

Rank Sector Weight
1 Healthcare 9.53%
2 Financials 2.45%
3 Real Estate 2.31%
4 Consumer Discretionary 1.69%
5 Communication Services 0.52%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BHK icon
76
BlackRock Core Bond Trust
BHK
$641M
$136K 0.03%
+14,014
New +$142K
PNF
77
DELISTED
PIMCO New York Municipal Income Fund
PNF
$75.6K 0.02%
+10,814
New +$75.8K
CHW
78
Calamos Global Dynamic Income Fund
CHW
$535M
$71.3K 0.02%
+10,000
New +$65.7K
HPP
79
Hudson Pacific Properties
HPP
$817M
$48.6K 0.01%
2,533
– –
ADAP
80
DELISTED
Adaptimmune Therapeutics
ADAP
$26.1K 0.01%
+109,054
New +$29.1K
SCD.RT
81
DELISTED
LMP Capital and Income Fund Inc. Rights (expiring July 11, 2025)
SCD.RT
$1.34K ﹤0.01%
+19,361
New +$2.18K
ALEC icon
82
Alector
ALEC
$169M
– –
-321,568
Closed -$396K
BMEZ icon
83
BlackRock Health Sciences Trust II
BMEZ
$963M
– –
-204,834
Closed -$3.05M
CET
84
Central Securities Corp
CET
$1.54B
– –
-15,735
Closed -$707K
CIM
85
Chimera Investment
CIM
$1.05B
– –
-66,839
Closed -$858K
CLM icon
86
Cornerstone Strategic Value Fund
CLM
$2.17B
– –
-49,342
Closed -$361K
DMA
87
Destra Multi-Alternative Fund
DMA
$68.1M
– –
-86,798
Closed -$736K
DMF
88
DELISTED
BNY Mellon Municipal Income
DMF
– –
-1,081,956
Closed -$7.77M
EDD
89
Morgan Stanley Emerging Markets Domestic Debt Fund
EDD
$376M
– –
-29,256
Closed -$138K
EMF
90
Templeton Emerging Markets Fund
EMF
$312M
– –
-38,021
Closed -$489K
FGB
91
DELISTED
First Trust Specialty Finance and Financial Opportunities Fund
FGB
– –
-213,254
Closed -$917K
GGZ
92
Gabelli Global Small and Mid-Cap Value Trust
GGZ
$124M
– –
-10,800
Closed -$130K
HEQ
93
John Hancock Hedged Equity & Income Fund
HEQ
$139M
– –
-12,667
Closed -$132K
IIF
94
Morgan Stanley India Investment Fund
IIF
$212M
– –
-104,744
Closed -$2.55M
NKTR icon
95
Nektar Therapeutics
NKTR
$2.37B
– –
-307,391
Closed -$3.14M
NPCT icon
96
Nuveen Core Plus Impact Fund
NPCT
$279M
– –
-269,668
Closed -$2.88M
STEW
97
SRH Total Return Fund
STEW
$1.76B
– –
-301,991
Closed -$5.21M
TYG
98
Tortoise Energy Infrastructure Corp
TYG
$1.11B
– –
-32,261
Closed -$1.39M
VIG icon
99
Vanguard Dividend Appreciation ETF
VIG
$111B
– –
-10,314
Closed -$2M
WIW
100
Western Asset Inflation-Linked Opportunities & Income Fund
WIW
$507M
– –
-22,523
Closed -$198K
1 2 3
4

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HBT
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EFMC
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BFA
Beacon Financial Advisory Cleveland, Ohio $443M AUM 17.02% 1-Year Est. Return
GWM
GSB Wealth Management Guilford, Connecticut $443M AUM 17.59% 1-Year Est. Return
CP
Cornerstone Planning Charlotte, North Carolina $443M AUM
CMP
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PLU
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TC
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Almitas Capital's Q2 2025 Portfolio in Review

As of Q2 2025, Almitas Capital held 101 positions worth $396M, up 32% from $301M the previous quarter. Its ten largest holdings account for 69% of the portfolio.

Almitas Capital deployed $46.8M of net new capital in Q2 2025, opening 20 new positions and adding to 31 existing holdings. Its largest new stake was Fidelity Ethereum Fund: 650,000 shares worth $16.4M.

By sector, the portfolio is most concentrated in Healthcare at 9.5% of assets, down from 10% a quarter earlier, followed by Financials and Real Estate.

On the sell side, the largest reduction was Fidelity Wise Origin Bitcoin Fund, an estimated $3.51M trimmed.

  • Almitas Capital's largest Q2 2025 buy was Fidelity Ethereum Fund: 650,000 shares worth $16.4M.
  • Almitas Capital added most to Pioneer Municipal High Income Advantage Fund in Q2 2025, an estimated $7.69M increase.
  • Almitas Capital's biggest Q2 2025 reduction was Fidelity Wise Origin Bitcoin Fund, cutting an estimated $3.51M.
  • Almitas Capital fully exited BNY Mellon Municipal Income in Q2 2025, selling an estimated $7.77M.
  • Almitas Capital's ten largest holdings make up 69% of its $396M portfolio in Q2 2025.
  • Almitas Capital opened 20 new positions and closed 19 in Q2 2025.
  • Almitas Capital's portfolio value rose 32% quarter-over-quarter to $396M.

Based on Almitas Capital's 13F filing for Q2 2025, filed 14 Aug 2025.